Global Venture Firm B Capital Raises $820 Million

By Amit Chowdhry ● July 1, 2020
  • B Capital, a venture capital firm founded by Eduardo Saverin and Raj Ganguly, announced it raised $820 million for its second fund

B Capital, a venture capital firm that was founded by billionaire Facebook co-founder and entrepreneur Eduardo Saverin and Senior Advisor Raj Ganguly, a senior advisor at The Boston Consulting Group announced it has raised $820 million for its second fund. The Boston Consulting Group is also a backer in B Capital Group.

Saverin and Ganguly founded B Capital five years ago. And the firm raised $360 million for its first round a couple of years ago so the second fund is more than double the previous. And with this fund, B Capital now has $1.44 billion in total assets under management. B Capital typically invests tens of millions of dollars in startups, but the check sizes could be lower than $1 million as well.

Saverin was born in Brazil and attended Harvard University with Facebook CEO and co-founder Mark Zuckerberg where they founded and invested in the company together. As Facebook was gaining momentum, there was a falling out between Saverin and Zuckerberg — which was highlighted in the biographical drama film The Social Network (based on Ben Mezrich’s book The Accidental Billionaires). Lawsuits were filed back and forth and a settlement was made in 2009. Saverin moved to Singapore in 2009 and founded B Capital several years later.

Along with Singapore, B Capital now has offices in New York, San Francisco, and Los Angeles. And B Capital Chairman and First Round Capital co-founder Howard Morgan told Bloomberg that the venture firm has been holding virtual meetings before the pandemic forced many companies to use video conferences. “We’ve been on Zoom since 2015,” Morgan said via Bloomberg. B Capital has invested in nearly 30 companies in the U.S., Europe, and Asia.

“Although technology is already embedded in nearly every sector and aspect of daily life, the last three months show us there is still extensive unmet need when it comes to digitization,” said Ganguly. “We believe the next ten years will see a major shift in innovation as entrepreneurs examine industries and practices from new angles and find ways to accelerate connectivity between systems, companies and people.”

Some of B Capital’s recent investments include Synack and Khatabook. And the firm’s other portfolio companies include AImotive, Atomwise, Blackbuck, Bounce, Bright.md, CXA, Evidation Health, Icertis, INTURN, Plastiq, Ninja Van, Notable Labs, and SilverCloud Health.

“When we founded B Capital Group, Raj and I were committed to building a firm that looks for innovation off the beaten path and technology that has applications beyond just one region. We wanted to set a new standard for growth-stage investing,” added Saverin. “I am incredibly proud of the team of investor-experts we have assembled and the companies we have partnered with. This fund validates our unique model and the differentiated value we bring to our portfolio.”

In a blog post written by B Capital Group Vice President of Marketing and Communications Elizabeth Allin, the venture firm experienced major growth this past year as it added key roles in areas including investing, operations, and the platform team. And the company has more than doubled the size of its global team, bringing on several new partners and senior leaders to its offices.